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Amazon’s tax is not transparent – but politicians let them get away with it
There has been much anguish expressed about the latest Amazon accounts for its UK operating company. This is unsurprising. Those accounts suggest that Amazon has increased its UK activity from £1.45bn of sales in 2016 to £1.99bn of sales in 2017, with its profits increasing threefold from £24m to £72m. Yet its overall apparent tax charge was still a minuscule £1.7m...These are the accounts for the UK branch of Amazon’s Luxembourg-based operating company, Amazon EU Sarl. Amazon says that the sales missing from the UK company accounts are recorded by that Luxembourg company, which it says has a taxable branch in this country. Which is good news, except for two things. First, we do not as yet have the 2017 accounts for this branch. And the 2016 accounts that Amazon filed for it with the UK’s Companies House were for the Luxembourg operation as a whole, and not just for the UK activity. Those accounts say it paid tax at a rate of 25.5%, but we do not know where that tax was paid. Nor do we know what UK profits it was paid on. Amazon does not say because it does not have to.
There are two trillion-dollar markets that are great new business opportunities for Amazon, according to D.A. Davidson.The firm reiterated its buy rating for Amazon shares, saying the e-commerce giant should enter the travel and gas station markets."Based on our estimates, Amazon is currently pursuing 8 of 10 market opportunities that exceed $1T, globally. We see an opportunity for it to exploit the remaining two – gas (stations) and travel," analyst Tom Forte said in a note to clients Tuesday. The "company has a history of solving complex logistical problems. Financially, it seeks opportunities that can generate significant free cash flow."
Taking Tesla PrivateAugust 7, 2018The following email was sent to Tesla employees today:Earlier today, I announced that I’m considering taking Tesla private at a price of $420/share. I wanted to let you know my rationale for this, and why I think this is the best path forward.First, a final decision has not yet been made, but the reason for doing this is all about creating the environment for Tesla to operate best. As a public company, we are subject to wild swings in our stock price that can be a major distraction for everyone working at Tesla, all of whom are shareholders. Being public also subjects us to the quarterly earnings cycle that puts enormous pressure on Tesla to make decisions that may be right for a given quarter, but not necessarily right for the long-term. Finally, as the most shorted stock in the history of the stock market, being public means that there are large numbers of people who have the incentive to attack the company.I fundamentally believe that we are at our best when everyone is focused on executing, when we can remain focused on our long-term mission, and when there are not perverse incentives for people to try to harm what we’re all trying to achieve.This is especially true for a company like Tesla that has a long-term, forward-looking mission. SpaceX is a perfect example: it is far more operationally efficient, and that is largely due to the fact that it is privately held. This is not to say that it will make sense for Tesla to be private over the long-term. In the future, once Tesla enters a phase of slower, more predictable growth, it will likely make sense to return to the public markets.Here’s what I envision being private would mean for all shareholders, including all of our employees.First, I would like to structure this so that all shareholders have a choice. Either they can stay investors in a private Tesla or they can be bought out at $420 per share, which is a 20% premium over the stock price following our Q2 earnings call (which had already increased by 16%). My hope is for all shareholders to remain, but if they prefer to be bought out, then this would enable that to happen at a nice premium.Second, my intention is for all Tesla employees to remain shareholders of the company, just as is the case at SpaceX. If we were to go private, employees would still be able to periodically sell their shares and exercise their options. This would enable you to still share in the growing value of the company that you have all worked so hard to build over time.Third, the intention is not to merge SpaceX and Tesla. They would continue to have separate ownership and governance structures. However, the structure envisioned for Tesla is similar in many ways to the SpaceX structure: external shareholders and employee shareholders have an opportunity to sell or buy approximately every six months.Finally, this has nothing to do with accumulating control for myself. I own about 20% of the company now, and I don’t envision that being substantially different after any deal is completed.Basically, I’m trying to accomplish an outcome where Tesla can operate at its best, free from as much distraction and short-term thinking as possible, and where there is as little change for all of our investors, including all of our employees, as possible.This proposal to go private would ultimately be finalized through a vote of our shareholders. If the process ends the way I expect it will, a private Tesla would ultimately be an enormous opportunity for all of us. Either way, the future is very bright and we’ll keep fighting to achieve our mission.Thanks,Elon
This is not to say that it will make sense for Tesla to be private over the long-term. In the future, once Tesla enters a phase of slower, more predictable growth, it will likely make sense to return to the public markets.
CNMC: COMISIÓN NACIONAL DEL MERCADILLO Y LA COLUSIÓN.-La CNMC confunde la Mercado con el Mercadillo:- "Eso es el 'mercado', amigo".Para la CNMC, la competencia tiene el límite de la colusión de los 'himbersores' inmobiliarios.En el asalto al SECTOR DEL TAXI, la CNMC se olvida de que este tiene una naturaleza mixta de micropyme y función pública.En el asalto al SECTOR HOTELERO, la CNMC se olvida de que la turistificación es la coartada para perpetrar el robo y saqueo de la Reburbuja... o no se olvida, porque a sus integrantes son funcionatillas 'himbersores' madrileños.El Capital auténtico tiene un grave problema con esta cínica CNMC tan falsoliberal.Lo mismo podemos decir de la SAREB, donde además pudiera haber cosas muy feas en relación con alguno de sus directivos y exdirectivos más pisitófilos.¡Viva el Mercado y la Competencia!¡Abajo la ley de la selva, la del embudo, el 'leydeoertademandismo', la Economía de Mercadillo y el obrerismo-CEO!¡Viva la Renta Disponible después de costes inmobiliarios, del mundo del Trabajo & Empresa!Gracias por leernos.Publicado por: pisitófilos creditófagos | 08/08/2018 en 10:34 a.m.
(El concepto 'dinero fiat' es una cursilería. 'Fiat' es hágase --lat., facio, facere--. Esconde odio falsoliberal al Estado. El concepto técnico son dinero fiduciario --lat., fidere, dar fe--.)(Todo dinero es deuda. El dinero fiduciario es deuda del soberano monetario-fiscal. El dinero bancario, de sus prestatarios --otra cursilería es lo de la 'reserva fraccionaria': la banca no de depósitos también crea dinero bancario--. Y, finalmente, en el dinero financiero --todo título valor endosable, desde las obligaciones hasta las letras de cambio y pagarés--, el deudor es el aceptante. Si desaparecieran el dinero fiduciario y el bancario, seguiría habiendo dinero.)Publicado por: pisitófilos creditófagos | 08/08/2018 en 11:03 a.m.
Aunque lo he puesto en el hilo de Coches eléctricos, creo que la cosa tiene más enjundia de lo que parece (y pienso que tiene mucho que ver con la situación actual de las bolsas usanas):[…](yo diría que es "inminentista")
CitarCNMC: COMISIÓN NACIONAL DEL MERCADILLO Y LA COLUSIÓN.-La CNMC confunde la Mercado con el Mercadillo:- "Eso es el 'mercado', amigo".Para la CNMC, la competencia tiene el límite de la colusión de los 'himbersores' inmobiliarios.En el asalto al SECTOR DEL TAXI, la CNMC se olvida de que este tiene una naturaleza mixta de micropyme y función pública.En el asalto al SECTOR HOTELERO, la CNMC se olvida de que la turistificación es la coartada para perpetrar el robo y saqueo de la Reburbuja... o no se olvida, porque a sus integrantes son funcionatillas 'himbersores' madrileños.El Capital auténtico tiene un grave problema con esta cínica CNMC tan falsoliberal.Lo mismo podemos decir de la SAREB, donde además pudiera haber cosas muy feas en relación con alguno de sus directivos y exdirectivos más pisitófilos.¡Viva el Mercado y la Competencia!¡Abajo la ley de la selva, la del embudo, el 'leydeoertademandismo', la Economía de Mercadillo y el obrerismo-CEO!¡Viva la Renta Disponible después de costes inmobiliarios, del mundo del Trabajo & Empresa!Gracias por leernos.Publicado por: pisitófilos creditófagos | 08/08/2018 en 10:34 a.m. Citar(El concepto 'dinero fiat' es una cursilería. 'Fiat' es hágase --lat., facio, facere--. Esconde odio falsoliberal al Estado. El concepto técnico son dinero fiduciario --lat., fidere, dar fe--.)(Todo dinero es deuda. El dinero fiduciario es deuda del soberano monetario-fiscal. El dinero bancario, de sus prestatarios --otra cursilería es lo de la 'reserva fraccionaria': la banca no de depósitos también crea dinero bancario--. Y, finalmente, en el dinero financiero --todo título valor endosable, desde las obligaciones hasta las letras de cambio y pagarés--, el deudor es el aceptante. Si desaparecieran el dinero fiduciario y el bancario, seguiría habiendo dinero.)Publicado por: pisitófilos creditófagos | 08/08/2018 en 11:03 a.m. En el blog de Alexis Ortega.
Al hilo del razonamiento de Jenofonte, o Musk practica filantropía hacia sus accionistas y desprecia el dinero, o va a aprovechar para colocar buena parte de sus acciones a los confiados incautos antes de que el valor de éstas se desplome.
Why Warren Buffett's record-breaking cash stockpile should have investors very worriedWarren Buffett's Berkshire Hathaway had $111 billion of cash on its balance sheet at the end of last quarter, the most in the company's history.This is an ominous sign for the health of the market and suggests that Berkshire Hathaway views it as overvalued and overly expensive.
Adam, let me present you with some comparative economics, and then you tell me whether ANY Tory (and I was one) has your interests at heart. I'm going to compare the UK with our partners in Europe. Firstly, we WERE the fifth largest world economy. Remember that.Despite that, we have one of the highest levels of poverty in Europe.Wealth is the LEAST equally distributed. By a very long way.Where does all of that wealth go? Well, the UK has the highest property prices and rents in Europe. The Tories would love you to believe it's due to immigration, but the truth is that we are strictly average in the number of immigrants per head, and those states cope.The truth is rather nastier. The Tories strongly represent a class of income-earners called rent-seekers. Adam Smith, one of the fathers of modern economics and free markets, said...Rent seekers like income that comes from owning property, not doing work, and includes finance. As soon as rent-seekers have dominance they have the perverse incentive to limit the supply of housing to drive up rents and house prices.This diverts capital from growth-creating production businesses, because people can earn more from owning property. This leads to underinvestment in R&D and automation. We are below average in industrial robots per head, for example. This leads to the UK falling behind.We have declining productivity compared to the rest of the G7 - the northern Europeans could take Friday off and still produce more per week than a brit, the rest of the world (particularly Asia) is catching up fast, and this leads to the lowest wage growth in Europe.We also have the worst pensions. So it doesn't look like the EU is the source of the UK's problems, does it - when every other EU nation is better off? Could it be our own government that is to blame, of which JRM is one of the most self-interested?Adam Smith showed, in his book "The Wealth of Nations", that all wealth is created by production, by companies and people like Deborah risking their money to invest in them.In a normal country there can't be more rents than there are production profits and workers wages to pay them. However, we are not a normal country. We invented the offshore tax haven and trust fund system, a product of anglo-saxon law.The City of London became what it is from managing wealth, not creating it. It manages wealth on behalf of companies and individuals around the world. Mostly legally, because of our EU anti-bribery and anti-money-laundering laws.Anti-money laundering and counter terrorist financingHowever there is a link between the City and the seamier side of these offshore trusts that is exposed in the documentary "The Spider's Web", spiderswebfilm.com , which is available on Amazon, free on Prime. And it links all of the pieces of Brexit together very nicely.Offshore tax havens now look after around $50Tn in assets in secret trusts. Fifty thousand billions. Now if the City earned just 1% for managing that money that would be $500Bn. Easy money, no need to worry about workers.This offshore system attracts tax avoiders, money launderers and despots (did you know that Africa owes 200bn but African despots have almost a trillion in offshore funds while their people starve? If you want to reduce immigration, give the African people their money back).So that is the link between all of the key players in Brexit. They all benefit from offshore secrecy. Farage, Arron Banks, the ERG group of MPs, Putin and his oligarchs, US billionaires, UK media moguls. The British public has been fooled by some extremely rich, very toxic peopleNow those people have persuaded you that we need to build a commerce wall around the UK to keep out those nasty EU types with their regulations, despite it being very easy to prove that this is an EXTREMELY bad idea.https://twitter.com/tfoale/status/1014769553480527872This is based on a very fundamental misunderstanding of economics. They are cargo-cult economists, having belief in 'free markets' with no understanding of how they really work. Not that Labour, or even classically-trained economists, are any better.https://twitter.com/tfoale/status/1018792174945800193So please, recognise that these old Etonians are NOT acting in your interests, the Tories are NOT the party of business and fiscal probity, and the UK is being cut adrift without a rudder to make a few rich ex-pat and foreign right-wingers even richer, at YOUR expense.
"Encajar la definición de vivienda turística" será el objetivo del Gobierno y CCAA para septiembre"Las viviendas de uso vacacional han tenido un impacto importante en la subida de los precios del alquiler y el incorporarlas y estar coordinados nos va a dar una transversalidad en las políticas que hagamos que va a ayudar a regular mejor la vivienda turística y el alquiler en general", ha destacado.El Gobierno quiere acotar la definición de arrendamiento de temporada en la Ley de Arrendamientos Urbanos (LAU), que limita el alquiler de viviendas vacacionales y apartamentos por parte de particulares vinculándolo a la legislación turística de CC.AA. o aplica este régimen si no hay una norma autonómica.
La guerra comercial deja a la deriva a un carguero de soja de EEUU en la costa de ChinaEl buque lleva una carga valorada en 20 millones de dólaresEl barco es propiedad JP Morgan Asset Management
Las socimis cotizan con un descuento del 8% frente al 11% de eneroMerlin y Lar se sitúan por debajo del valor de sus activosColonial y Merlin se sitúan entre los ocho valores más alcistas del Ibex
Rents in UK will rise for next five years, experts predict Rics says falling supply of rental properties and increased demand will lead to 15% rise